RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following: (i) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises; (ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and (iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease. B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease. C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant. D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint. E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 2 contracts
Samples: Lease (Impossible Kicks Holding Company, Inc.), Lease Agreement (Impossible Kicks Holding Company, Inc.)
RELOCATION OF PREMISES. A. In If the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the PremisesPremises contain less than 10,000 square feet, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, the Premises to other premises (the “New Premises”) in another part of the Center or building Project in accordance with the following:
: (ia) Landlord shall notify Tenant, give Tenant at least one hundred ninety thirty (9030) days prior to the proposed relocation date, days’ notice of Landlord’s intention to relocate Tenant’s operation to the New Premises;
; (iib) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises new premises shall be substantially the same in size size, dimensions, configuration, and configuration decor as the Premises described in and, if the Lease.
B. In relocation occurs after the event the New Premises described in Landlord’s relocation notice are unacceptable to TenantCommencement Date, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation placed in that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination condition by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premisesits cost; (c) as nearly as practicable, the physical relocation of the Premises shall take place on a weekend and shall be completed before the following Monday and if the physical relocation has not been completed in that time, Rent shall axxxx from the time the physical relocation commences to the time it is completed, but not to exceed three (3) Business Days from the time that Landlord shall, at Landlord’s cost and expense, complete makes the leasehold improvements in the New Premises, in accordance new premises available to Tenant with the plans and specifications approved all work to be performed by Landlord with respect to Tenant’s original work in the Premisesthereon substantially complete; (d) upon completion of such relocation, the new premises shall become the “Premises” under this Lease; (e) all reasonable out of pocket costs incurred by Tenant shall, within fifteen (15) days after possession as a result of the New relocation shall be paid by Landlord; (f) if the new premises are smaller than the Premises has been tendered to as they existed before the relocation, the Base Rent and Tenant, open for business in the New Premises’s Proportionate Share shall be reduced proportionately; and (eg) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly immediately execute an amendment to this Lease reflecting such setting forth the relocation of Tenant andthe Premises and the reduction of the Base Rent and Tenant’s Proportionate Share, if applicable, any. Tenant hereby waives any adjustment to the Minimum Rent and Sales Breakpointclaim against Landlord for loss of business on account of any relocation.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Office Lease (HF Enterprises Inc.)
RELOCATION OF PREMISES. A. In For the event purpose of maintaining an economical and proper distribution of tenants acceptable to Landlord shall add additional buildings to throughout the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the PremisesProject, Landlord shall have the rightright after the fifth (5th) anniversary of the Commencement Date and from time to time during the Term thereafter to relocate the Premises within the Project, provided that (a) the rentable and usable area of the new Premises is of equivalent size to the existing Premises, subject to Landlord’s and Tenant’s right a variation of termination as set forth in subparagraph up to ten percent (B10%), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(ib) Landlord shall notify pay the cost of providing tenant improvements in the new Premises, which shall be substantially comparable in layout to those in the existing Premises, and the costs of replacement business cards and stationery, provided that such costs are approved by Landlord prior to being incurred, which approval shall not be unreasonably withheld, and (c) Landlord shall pay reasonable costs (to the extent such costs are submitted in writing to Landlord and approved in writing by Landlord prior to such move) of moving Tenant's Trade Fixtures and personal property to the new Premises. Landlord shall deliver to Tenant written notice of Landlord's election to relocate the Premises, specifying the new location and the amount of rent payable therefor, at least one hundred ninety sixty (9060) days prior to the proposed date the relocation dateis to be effective. Notwithstanding the foregoing, of Landlord’s intention Landlord agrees that it shall not exercise its right to relocate Tenant’s operation to Tenant under this Section 32 for the New Premises;
(ii) The proposed relocation date and sole purpose of expanding the size, configuration and location premises of a tenant of the New Premises Building whose entire premises prior to such relocation of Tenant consist of one floor or less of the Building, unless such expansion is reasonably anticipated by Landlord, whether in single transaction or a series of transactions, to result in such tenant occupying more than two full floors of the Building. This Section 32 shall be set forth in of no force and effect at such times as Tenant is leasing, directly from Landlord’s notice; and
(iii) The New Premises shall be substantially , whether by way of amendments to this Lease or the same in size and configuration as execution of new direct leases with Landlord, at least all of the rentable square footage of at least one floor of the Building. If the relocation of the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable is not acceptable to Tenant, Tenant shall have the right, exercisable right (by delivering written notice to Landlord, given thirty Landlord within ten (3010) days following after receipt of Landlord’s 's relocation notice, ) to terminate this Lease. If Tenant so notifies Landlord, such Landlord at its option may (i) withdraw its relocation notice, in which event this Lease shall continue and Tenant shall not be relocated, or (ii) accept Tenant's termination to be notice, in which event this Lease shall terminate effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof was to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenantbe effective.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Lease Agreement (Imall Inc)
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand At any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premisestime before February 15, 2000, Landlord shall have the right, subject to in Landlord’s and Tenant’s right of termination as set forth in subparagraph 's sole discretion, upon providing Tenant thirty (B30) days' written notice ("Relocation Notice"), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises the portion of the Premises outlined on Exhibit A-1 (the “New "Relocation Premises”") to a new location either in another part of the Center Building, in the building (the "Annex") adjacent to the Building (the "Annex Premises"), or building partially in accordance with the following:Building and partially in adjacent space in the Annex. The Annex Premises are described on Exhibit A-2 attached to this Lease. If Landlord timely delivers a Relocation Notice to
(i) Landlord the premises under the Annex Lease shall notify Tenantbe the portion of the Annex Premises in the Annex, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date the Annex Lease may be a sublease and the sizecontain appropriate reasonable provisions customarily contained in a sublease, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises Tenant's percentage share under the Annex Lease shall be substantially the same in size and configuration as Rentable Area of the portion of the Annex Premises described in the Lease.
B. In Annex divided by *** (iv) the event construction allowance under the New Annex Lease shall be $*** multiplied by the Rentable Area of the portion of the Annex Premises described in Landlord’s relocation notice are unacceptable the Annex, (v) the base rent under the Annex Lease during the period from the Commencement Date to TenantFourth anniversary of the Commencement Date shall be the Initial Multiple multiplied by the Rentable Area of the portion of the Annex Premises in the Annex, Tenant (vi) the base rent under the Annex Lease during the period from the Fourth Anniversary of the Commencement Date to Eighth anniversary of the Commencement Date shall have be the rightMiddle Multiple multiplied by the Rentable Area of the portion of the Annex Premises in the Annex, exercisable (vii) the base rent under the Annex Lease during the period from the Eighth anniversary of the Commencement Date to the end of the Initial Term shall be the Final Multiple multiplied by written notice to Landlordthe Rentable Area of the portion of the Annex Premises in the Annex, given thirty (30viii) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to the base rent under the Annex Lease during the Extended Term shall be effective the fair market rent for the Annex Premises as of the proposed relocation date first day of each Extended Term, as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, determined in accordance with Section 3.2 of the plans and specifications approved Lease, (ix) the Annex Lease shall contain such other reasonable modifications deemed necessary by Landlord with respect to Tenant’s original work reflect the different facilities and services that are inherent in the Premises; Annex (de.g., absence of elevators and restrooms), and (x) Tenant shall, Tenant's obligations under the Annex Lease shall be cross-defaulted with this Lease. If Tenaxx xxxls to execute the Relocation Amendment or the Annex Lease within fifteen (15) days after possession receipt of the New Premises has been tendered to TenantRelocation Amendment and the Annex Lease from Landlord, open for business in the New Premises; and (e) then Tenant shall surrender possession of the Premises to Landlord be in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to default under this Lease reflecting such relocation and Landlord shall have the right to exercise all of Tenant and, if applicable, any adjustment to the Minimum Rent its rights and Sales Breakpointremedies under this Lease.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Office Lease (Del Monte Foods Co)
RELOCATION OF PREMISES. A. The Xxxxxxxxx Premises is in the process of being converted from a single user facility to a multi-tenant/multi-use facility. In connection with the event Landlord shall add additional buildings transition, it is the Sub-Sublandlord’s intention, in conjunction with the Overlandlord and/or Prime Sublandlord, to reconfigure the Center or expand any Building, including the Premises from time to time in order to improve the efficient use and redevelopment of the buildings currently contained therein or renovate or reconfigure any part of Building and to separately demise the Center in the vicinity of Sub-Subleased Premises from the Premises. In this regard, Landlord Sub-Sublandlord, in its sole discretion, shall have the rightright from time to time to change the location of the Sub-Subleased Premises, subject to Landlord’s and Tenant’s right with the exception of termination the portion of the Sub-Subleased Premises in which the Tech Ceram/Diode Areas, as set forth in subparagraph (B)defined below, to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, is located to other premises space (the “New Substituted Sub-Subleased Premises”) in another part of the Center or building in accordance with Building, subject to the followingterms and conditions set forth below:
(i) Landlord Sub-Sublandlord and Sub-Subtenant agree and acknowledge that no relocation and Phase II Demising Work, as hereinafter defined, shall notify Tenantoccur for a period of two (2) months following the Commencement Date, at least one hundred ninety other than Phase I Demising Work (90the “Planning Stage”) days prior but that the parties hereto shall consult on an ongoing basis in good faith with respect to all Phase I Demising Work or Phase II Demising Work and the planned relocation. At the end of the Planning Stage and if Sub-Subtenant has made a Ratification Election, as hereinafter defined, the amount of square footage required by Sub-Subtenant post completion of the Phase II Demising Work and relocation, taking into account operations Sub-Subtenant may relocate to other locations or otherwise remove (the “Removal”), shall be determined by Sub-Subtenant and may result in a reduction to the proposed relocation datesquare footage of the Sub-Subleased Premises for the purposes of this Sub-Sublease upon completion by Sub-Subtenant of such Removal, provided that the size of Landlord’s intention to relocate Tenant’s operation to the New Premises;Sub-Subleased Premises shall not be less than 100,000 square feet.
(ii) The proposed relocation Within sixty (60) days of the Commencement Date, Sub-Subtenant shall notify Sub-Sublandlord in writing of its intention to either (a) terminate this Sub-Sublease effective within six (6) months of the date of delivery of the notice of election to terminate (a “Termination Election” and the sizeend of such six month period the “Election Termination Date”) or (b) ratify the Sub-Sublease and continue to be bound by its terms (a “Ratification Election”). In the event of a Termination Election by Sub-Subtenant, configuration and location Sub- Subtenant shall vacate all of the New Sub-Subleased Premises with the exception of (i) the Tech Ceram manufacturing line area consisting of approximately 37,800 square feet of space located in Xxxxx 0 Xxxx 0 of the building and the Diode manufacturing line consisting of about 37,800 square feet of space located on Xxxxx X Xxxx 0 of the Building (collectively the “Tech Ceram/Diode Areas). Sub-Subtenant may continue to lease the Tech Ceram/Diode Areas for the remainder of the Term of this Sub-Sublease and otherwise upon the same terms as contained in this Sub-Sublease except that the rate of Fixed Rate for the Tech Ceram/Diode Areas shall be set forth in Landlord’s notice; andcalculated at the rate of $6.50 per square foot commencing on the Election Termination Date. Sub-Sublandlord shall be permitted to demise the Tech Ceram/Diode Areas by constructing demising walls to separate the Tech Ceram/Diode Areas from adjacent common areas and with appropriate means of ingress and egress. The cost of such demising shall be shared equally by the Sub-Sublandlord and Sub-Subtenant.
(iii) If Sub-Subtenant makes a Ratification Election then, in such event the demising work mutually agreed upon by the parties for the relocation of their respective office, administrative and manufacturing facilities within the Premises (the “Phase II Demising Work”) shall be completed as follows:
(a) The New Sub-Subleased Premises shall be substantially relocated by Sub-Sublandlord to the same Substituted Sub-Subleased Premises. The cost of the Phase II Demising Work applicable to the Substituted Sub-Subleased Premises shall be paid by Sub-Subtenant within ten (10) Business Days following Sub-Subtenant’s receipt of Sub-Sublandlord’s reasonably detailed xxxx; provided, however, that (a) the cost of any demising walls between the Substituted Sub-Subleased Premises and the Sub-Sublandlord’s operational areas (excluding walls that adjoin common areas) shall be paid equally by each party and (b) if Sub-Sublandlord obtains an allowance for the Phase II Demising Work under the terms of the Prime Lease Extension, which allowance is reflected in size the Rent, the cost of the Phase II Demising Work for the Substituted Sub-Subleased Premises shall be reduced by the amount of the applicable allowance which shall then be amortized over a term of four (4) years, provided further, that if Sub-Subtenant does not exercise either of the Further Extension options or the Sub-Sublease is otherwise terminated, Sub-Subtenant shall pay the unamortized and configuration unpaid portion of the Phase II Demising Work applicable to the Substituted Subleased Premises in a lump sum on the date of termination of this Sub-Sublease. In addition, Sub-Subtenant shall pay at its sole cost and expense for relocation of Sub-Subtenant’s Office Space operations to the Substituted Subleased Premises.
(iv) The floor plan for the Substituted Sub-Subleased Premises shall to be laid out in a reasonably efficient manner and shall be of materially equivalent operational functionality as the Sub-Subleased Premises described as existing on the Commencement Date. For the purposes of payment of any Rent hereunder, in no event shall the square footage of the Sub-Subleased Premises be increased beyond 185,000 square feet, provided that in the Leaseevent such square footage is decreased below 185,000 square feet, Sub-Sublandlord shall agree to proportional reductions in Rent and other related material matters or Expenses, other than Energy Expenses, under this Sub-Sublease.
B. In (v) With the event exception of the New Premises described in Landlord’s relocation notice are unacceptable to TenantPhase I Demising Work, Tenant Sub-Sublandlord shall have the right, exercisable by written notice to Landlord, given give Sub-Subtenant not less than thirty (30) days following receipt prior notice of LandlordSub-Sublandlord’s relocation notice, decision to terminate this Lease, relocate Sub-Subtenant and Sub-Subtenant agrees that within (y) such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination day period or (bz) such other time period as mutually agreed by the proposed relocation date as set forth in Landlord’s relocation notice. Tenant parties, Sub-Subtenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon Substituted Sub-Subleased Premises.
(vi) Sub-Subtenant shall bear and pay the following terms cost and conditions: expense of any relocation (aincluding without limitation, moving expenses, cost of space planning and design, costs associated with installation of telephone system, computers and other equipment, and Sub-Subtenant’s personnel costs associated with the relocation), provided further that Sub-Subtenant shall not be entitled to any compensation for damages for any interference with or interruption of its business during or resulting from such relocation, provided that Sub-Sublandlord has made reasonable efforts to minimize such interference. Sub-Subtenant shall cooperate with Sub-Sublandlord to facilitate the prompt completion by Sub-Sublandlord and Sub-Subtenant of their respective obligations under this section. Without limiting the generality of the foregoing, Sub-Subtenant agrees to provide promptly to Sub-Sublandlord such approvals, instructions, plans, specifications and other information as may be reasonably requested by Sub-Sublandlord. In connection with any relocation, Sub-Subtenant shall at its cost and expense furnish and install in (or if practicable, relocate to) the New Substituted Sub-Subleased Premises all wall partitions, floor coverings, if any, trade fixtures, equipment, furniture, furnishings and other personal property belonging to Sub-Subtenant or its invitees.
(vii) Any payments of new Fixed Rent and additional rent amounts resulting from the difference in the size of the Substituted Sub-Subleased Premises shall contain a Store Floor Area which shall not vary more than commence ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises Sub-Subtenant has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject completed its physical relocation to the same termsSubstituted Sub-Subleased Premises, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs taking into account any adjustment in Rent resulting from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Prime Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales BreakpointExtension.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Purchase Agreement (M/a-Com Technology Solutions Holdings, Inc.)
RELOCATION OF PREMISES. A. In If the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the PremisesPremises contain less than 10,000 square feet, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, the Premises to other premises (the “New Premises”) in another part of the Center or building Building in accordance with the following:
: (ia) Landlord shall notify Tenant, give Tenant at least one hundred ninety thirty (9030) days prior to the proposed relocation date, days’ notice of Landlord’s intention to relocate Tenant’s operation to the New Premises;
; (iib) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises new premises shall be substantially the same in size size, dimensions, configuration, and configuration decor as the Premises described in and, if the Lease.
B. In relocation occurs after the event the New Premises described in Landlord’s relocation notice are unacceptable to TenantCommencement Date, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation placed in that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination condition by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premisesits cost; (c) as nearly as practicable, the physical relocation of the Premises shall take place on a weekend and shall be completed before the following Monday and if the physical relocation has not been completed in that time, Rent shall xxxxx from the time the physical relocation commences to the time it is completed, but not to exceed three (3) Business Days from the time that Landlord shall, at Landlord’s cost and expense, complete makes the leasehold improvements in the New Premises, in accordance new premises available to Tenant with the plans and specifications approved all work to be performed by Landlord with respect to Tenant’s original work in the Premisesthereon substantially complete; (d) upon completion of such relocation, the new premises shall become the “Premises” under this Lease; (e) all reasonable out of pocket costs incurred by Tenant shall, within fifteen (15) days after possession as a result of the New relocation shall be paid by Landlord; (f) if the new premises are smaller than the Premises has been tendered to as they existed before the relocation, the Base Rent and Tenant, open for business in the New Premises’s Proportionate Share shall be reduced proportionately; and (eg) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly immediately execute an amendment to this Lease reflecting such setting forth the relocation of Tenant andthe Premises and the reduction of the Base Rent and Tenant’s Proportionate Share, if applicable, any. Tenant hereby waives any adjustment to the Minimum Rent and Sales Breakpointclaim against Landlord for loss of business on account of any relocation.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Office Lease (Quality Systems Inc)
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center of an expansion, renovation or expand any remerchandising of the buildings currently contained therein or renovate or reconfigure any part of the Shopping Center in the vicinity of the Premises, Landlord shall have the rightmay elect, subject by giving notice of such election to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part surrender possession of all or such portion of the Center or building Premises and for such period of time (including the remainder of the Term) as Landlord, in accordance with its sole discretion, shall deem to be required for such purposes. Such election shall be exercised not more than once during the following:
Term, except that if any such notice of election shall be withdrawn by Landlord, the same shall be deemed not to have been given. Landlord's notice of the exercise of such election shall designate (i) Landlord shall notify Tenantthe portion of the Premises required for such purposes, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location period of the New Premises time during which such surrender shall be set forth in Landlord’s notice; and
required, and (iii) The New Premises the date by which possession of same shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to surrendered by Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation which date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less be earlier than ninety (90) days prior after the date on which such notice is given. If Tenant shall be required to surrender possession of all or a portion of the Premises for a period of time which is less than the remainder of the Term, Rental shall abatx xx to such portion or all of the Premises required to be surrendered, such abatement to be effective beginning as of the date Tenant is required to surrender such possession and continuing until the date on which Landlord redelivers possession to Tenant. For purposes of determining the extent of such abatement of Rental, Tenant's Floor Area hereunder shall be deemed to be reduced during the abatement period by the number of square feet contained in the portion of the Premises of which possession is required to be surrendered. If Tenant shall be required to surrender possession of a portion of the Premises for the entire remainder of the Term, this Lease shall terminate as to such portion as of the date on which Tenant is required to surrender possession thereof to Landlord and all Rental shall be proportionately reduced. For purposes of determining the extent of such reduction of Rental, Tenant's Floor Area hereunder shall be deemed to be reduced as of the date of such termination by the number of square feet contained in the portion of the Premises of which possession is required to be surrendered. If Tenant shall be required to surrender possession of a portion of the Premises; , Landlord shall (ca) Landlord shallprovide any permanent or temporary barriers required by the nature of Landlord's use of such portion, at Landlord’s cost and expense, complete the leasehold improvements which barriers shall be constructed in the New Premises, in accordance such a manner so as to not materially interfere with the plans and specifications approved by Landlord with respect to Tenant’s original work 's business operations in the Premises; and (db) make such alterations as may be necessary in order to restore the remainder of the Premises to useful condition. If Tenant shall, within fifteen (15) days after shall be required to surrender possession of a portion of the New Premises has been tendered to Tenantand the remainder of the Premises shall be rendered unsuitable for the Permitted Use, open for business in the New Premises; and (e) or if Tenant shall -42- 49 be required to surrender possession of the Premises entire Premises, Landlord shall have the further right and option to Landlord in accordance with the provisions of Section 9.3 cause Tenant to relocate its business, within fifteen ninety (1590) days after possession of notice to do so, to another location within the New Premises has been tendered Shopping Center Area, comparable in size and location to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent mutually agreed upon by Landlord and Sales Breakpoint Tenant. Within sixty (60) days after any such notice shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5given, the parties hereto Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting which shall substitute a description of the premises to which Tenant is to be relocated for the description of the Premises contained herein and shall modify Tenant's Floor Area accordingly; otherwise all of the terms and conditions of this Lease shall be applicable to Tenant's occupancy of the new premises. If Landlord and Tenant cannot agree on a new location within such sixty (60) days after notice of the exercise by Landlord of its relocation option described in the preceding paragraph, then Landlord may elect to withdraw its notice requiring Tenant to relocate its business, in which event Tenant shall remain in possession of the Premises and this Lease shall remain in full force and effect. If Landlord shall not elect to withdraw its notice requiring Tenant andto relocate its business, if applicablethe Term shall terminate on the ninetieth (90th) day after such notice, any adjustment in which event Landlord agrees to pay to Tenant, provided Tenant is not in default under this Lease, and provided Tenant shall have furnished Landlord with the statement referred to in the last sentence of this paragraph, an amount equivalent to the Minimum Rent unamortized value of Tenant's leasehold improvements which were installed in the Premises at Tenant's sole cost and Sales Breakpoint.
E. expense. Said amortization shall be determined on the straight-line depreciation method allowed by the Internal Revenue Code of 1986 (as amended) assuming a depreciation period commencing with the placement in service of such leasehold improvements and ending on the date of expiration of the Term determined pursuant to Section 3.1. Payment of the amount equivalent to the unamortized value of Tenant's leasehold improvements will be made to Tenant within thirty (30) days after Tenant shall have vacated the Premises in accordance with the terms of this Lease, provided that Landlord has made no representation shall have the right to deduct therefrom any amounts due Landlord from Tenant pursuant to this Lease. For purposes of this Section, "Tenant's leasehold improvements" shall include partitioning, electrical wiring, plumbing (other than plumbing fixtures), painting, wallpaper, storefront and other permanent improvements installed, affixed or attached in or to the Premises, but shall not include (x) Tenant's inventory or stock in trade, (y) such trade fixtures, electrical fixtures, equipment or apparatus as are removable by Tenant at the expiration of the Term pursuant to Article VII, or (z) Landlord's fixtures or other improvements installed by or at the expense of Landlord. In order for Tenant to be entitled to payment of the unamortized value of its leasehold improvements as set forth in this paragraph, Tenant shall, within sixty (60) days after commencement of the Term, furnish to Landlord a statement, signed by an independent certified public accountant, setting out in detail the cost of Tenant's leasehold improvements. If this Lease shall be terminated as to any additional improvements portion or stores all of the Premises pursuant to this Section, the rights and obligations of the parties hereunder shall cease as of the date specified herein and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination. No further documentation shall be required to effect the termination of this Lease, but each party agrees that, upon the written request of the other party to do so, it shall execute, acknowledge and deliver an appropriate instrument evidencing such termination prepared by or any existing stores in at the Center and this provision does not create any rights expense of option, first refusal or otherwise with respect to any present or future space in the Centerparty requesting the same.
Appears in 1 contract
Samples: Lease Agreement (Ciao Cucina Corp)
RELOCATION OF PREMISES. A. In a) On the event date that Landlord has substantially completed the Landlord Work (as defined herein) and delivered written notice to Tenant of the same (such date, the “Substitute Premises Commencement Date”), that portion of the fourth (4th) floor of the Building commonly known as Suite 400 and having an agreed upon rentable area of 20,105 rentable square feet and depicted on Exhibit A-1 attached hereto (“Substitute Premises”) shall be substituted for the Existing Premises (and the Substitute Premises shall thereupon be deemed the Premises under the Lease) upon all of the terms and conditions of the Existing Lease except as the same are expressly modified by this Amendment. On the Substitute Premises Commencement Date, Exhibit A to the Existing Lease shall be deleted and replaced with Exhibit A-1 attached hereto.
b) Tenant agrees to accept the Substitute Premises in its current “AS IS — WHERE IS” condition and acknowledges that Tenant shall not receive any allowances, abatements, or other financial concessions in connection with the Substitute Premises; provided, however, that: (i) Landlord, at Landlord’s sole cost and expense, shall perform the work depicted on the conceptual plan dated January 18, 2011, and attached hereto as Exhibit B (“Landlord’s Work”); and (ii) Landlord shall add additional buildings to the Center or expand any cause those portions of the buildings currently contained therein or renovate or reconfigure any part of the Center Building’s electrical, plumbing, and mechanical systems located in the vicinity of the Premises, including the HVAC system, to be in good working condition. The Landlord’s Work shall be performed in a first-class workmanlike manner, using building standard materials and finishes. Landlord has no actual knowledge of any violation of laws, ordinances and regulations applicable to the Substitute Premises, including the ADA. Landlord shall use commercially reasonable efforts to complete the Landlord’s Work on or before March 1, 2011, but Landlord shall have the right, subject no liability to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the sizeLease shall remain in full force and effect if Landlord is unable to complete the Landlord Work on or before March 1, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease2011.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30c) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept occupy the New Substitute Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Substitute Premises Commencement Date for the purpose of preparing the same for Tenant’s occupancy. Such occupancy shall be subject to all the terms and provisions of the Existing Lease except: (i) Tenant is shall not be required to surrender possession of pay Base Rent or Additional Rent with respect to the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Substitute Premises, or for electricity consumed from the Substitute Premises until the Substitute Premises Commencement Date (provided, however that Tenant shall continue to pay Base Rent and Additional Rent for the Existing Premises and to pay for electricity consumed from the Existing Premises during such period in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; Existing Lease): and (eii) Tenant shall surrender possession permit Landlord to perform the Landlord Work in the Substitute Premises, shall minimize its interference with the performance of the Premises to Landlord in accordance Work, and agrees that Landlord shall not be liable for any interference with the provisions of Section 9.3 within fifteen (15) days after possession Tenant’s use of the New Substitute Premises has been tendered to Tenant.
D. The New Premises shall be subject and, to the same terms, conditions and covenants as the Premises except that if the Store Floor Area extent permitted by law waives all claims against Landlord for damage to persons or property resulting from Landlord’s performance of the New Premises differs Landlord Work, except for claims arising from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales BreakpointLandlord’s intentional misconduct.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Lease (Biosante Pharmaceuticals Inc)
RELOCATION OF PREMISES. A. In Throughout the event Landlord shall add additional buildings to the Center term of this Lease, including any extensions or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premisesrenewals thereof, Landlord shall have the one time right, subject to Landlord’s at its sole cost and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, on at least one hundred ninety (90) days days' prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by request Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) move from the Store Floor Area contained Premises to another suite of equal or greater size, amenities and decor, including build-out of such relocation space, in the Premises; Building or the Project (bthe "RELOCATION PREMISES") Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work originally prepared for the Premises, using materials of like quality as those used in the Premises; build-out of the original Premises provided, however, that in the event of receipt of any such notice, Tenant by written notice to Landlord delivered not more than fifteen (d15) days after receipt of Landlord's request for relocation may elect not to move to the Relocation Premises and in lieu thereof to terminate this Lease, in which case the termination shall be effective as of the ninetieth (90th) day after the date of delivery of Landlord's relocation request. If Tenant shall, fails to exercise such termination right within fifteen (15) days after possession receipt of the New Premises has been tendered to TenantLandlord's request for relocation, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises be deemed to have agreed to such relocation. If Tenant exercises such termination right in a timely manner, Landlord in accordance with the provisions of Section 9.3 within may, by notice delivered to Tenant not more than fifteen (15) days after possession of such termination notice, rescind its relocation request, in which case Tenant's termination notice shall become void and this Lease shall continue as if no relocation request were ever made. If Tenant exercises such termination right in a timely manner, this Lease shall terminate immediately upon the New Premises has been tendered date set forth in Tenant's notice. Tenant shall not be obligated to Tenant.
D. The New Premises pay any early termination penalties, including, but not limited to commissions and tenant improvement costs and, shall only be subject obligated for rent and additional rent up to the same terms, conditions and covenants as the Premises except that if the Store Floor Area date of the New Premises differs from the Store Floor Area Tenant's occupancy of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the onetime right, at any time thereafterbefore or during the Term, to terminate this Lease effective relocate Tenant from the later of Premises to other space located within the Building or the Property upon no less than sixty (a) thirty (3060) days following Tenant’s receipt prior written Notice to Tenant (which Notice shall specify the anticipated date of Landlord’s notice such relocation). Such space (“Relocation Space”) shall be comparable in size, utility and condition to the Premises. Landlord shall pay all reasonable moving expenses and for improving the Relocation Space so that the condition thereof is comparable to the Premises, and shall reimburse Tenant for stationery reprinting costs necessitated by such relocation, up to, but not exceeding, a total reimbursement for such stationary reprinting costs of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice$500.00. Tenant shall have the right cooperate with Landlord in all reasonable ways to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the facilitate any such relocation, which relocation of Tenant’s operation for any other reason, then Landlord reserves the right shall occur at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms such times and conditions: (aon such date(s) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior as may be designated by Landlord. Prior to the date that Tenant is required moved to surrender the Relocation Space, Tenant shall remain in the Premises and shall continue to perform all of its obligations under this Lease. Upon the delivery of possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered Relocation Space to Tenant, open for business the Relocation Space shall thereupon become the premises leased by Tenant under this Lease (and all references in this Lease to the New “Premises; ” shall thereafter refer to the relocated Premises), and the terms of the Lease shall remain in full force and shall thereupon apply to the Relocation Space, except that, if the size of the Relocation Space is smaller or larger than the Premises as they existed before the relocation (e) Tenant as reasonably determined by Landlord), then, effective as of such relocation, Monthly Rent and Tenant’s Share shall surrender possession each be adjusted based on the relationship between the number of rentable square feet of the pre-relocation Premises and the number of rentable square feet of the Relocation Space (all as reasonably determined by Landlord). No amendment or other instrument shall be necessary to effectuate a relocation of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.53.7, the parties hereto except that, if requested by Landlord, Tenant shall promptly execute an appropriate amendment document within ten (10) days after Xxxxxxxx’s written request therefor. If Tenant fails to this Lease reflecting execute such relocation amendment within such time period, or if Tenant fails to be ready to relocate on the date(s) designated by Landlord, then any such failure shall constitute an Event of Default by Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpointunder this Lease.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety fifty (90150) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of If the Premises, or if the Premises consist of separate units, then each unit that contains an area of 4,000 square feet or less, Tenant agrees that at any time before or during the term hereof, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, the Premises described herein ("existing Premises") to other premises space ("new Premises") within the “New Premises”) in another part of the Center or building Property in accordance with the following:
following terms: (ia) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date size and the size, configuration and location decor of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New new Premises shall be substantially the same in as the size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as decor of the proposed relocation date as set forth existing Premises unless Landlord and Tenant otherwise agree in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premiseswriting; (b) Landlord moving costs, and placement of all Tenant’s trade fixtures, equipment, furniture, furnishings and other personal property belonging to Tenant, and the cost of installing permanent improvements (as distinguished from trade fixtures, equipment, furniture, furnishings and other personal property belonging to Tenant) in the new Premises, so that placement of all Tenant’s trade fixtures, equipment, furniture, furnishings and other personal property belonging to Tenant and the permanent improvements therein are substantially the same or better than those in the existing Premises, shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premisesbe borne entirely by Landlord; (c) Landlord shallmonthly rent shall xxxxx in full during the period, at Landlord’s cost and expenseif any, complete that Tenant is unable to conduct business in either the leasehold improvements in existing Premises or the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the new Premises; (d) indirect costs incurred by Tenant shallas a result of the relocation, within fifteen including cost incurred in changing addresses on stationery, business cards and advertising shall be reimbursed to Tenant by Landlord in an amount not to exceed $500 upon presentation to Landlord of paid bills for said incurred indirect costs; (15e) Landlord shall give Tenant at least 60 days prior written notice of Xxxxxxxx's intent to relocate Tenant to the new Premises; (f) the payments of new monthly base rent shall commence on the earlier of ten (10) days after possession Landlord has completed the physical relocation and installation of permanent improvements in the New new Premises has been tendered to Tenant, open or the date that Tenant first opens for business in the New new Premises; and (eg) Landlord and Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such reciting the relocation of Tenant and, if applicable, the Premises and any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores changes in the Center rentable floor area of the Premises, the monthly base rent and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Centeradditional rent payable hereunder.
Appears in 1 contract
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”a) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable leased to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as contain less than one-half of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that total square feet of rentable floor area within all of the New Premises are acceptable to Tenant. In additionimprovements located on the Property, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during after the Lease Term hereof 1st year anniversary of the Rental Commencement-Date, and upon giving not less than sixty (60) days prior written notice to require Tenant, to transfer and remove Tenant from the Premises herein specified to any other Comparable Space (as hereinafter defined) in the improvements located on the Property and at an equivalent rental rate. The term “Comparable Space” as used herein shall mean other space which, in Landlord’s reasonable opinion, is of substantially equal size and has a comparable layout, substantially the same number of windows, and comparable visibility within the center. If Landlord determines in good faith that there is no Comparable Space and Tenant declines to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) other available, non-comparable space, then Landlord shall notify Tenant not less than have the right to terminate this Lease effective ninety (90) days prior after the initial written notice from Landlord to Tenant. Landlord shall bear the expense of said removal and the expense of any renovations or alterations to said substituted space necessary to make the same substantially conform in arrangement and layout to the date Tenant is required to surrender possession of the Premises; (c) original space described in this Lease. If Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premisesexercises such option, then the Minimum Rent substituted space shall for all purposes hereof be deemed to be and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence constitute Premises under this Lease and all terms, conditions, covenants, warranties, agreements and provisions of any relocation pursuant to this Section 2.5Lease, including, but not limited to, the parties hereto rental rate per square foot and other rental adjustments shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment continue in full force and effect and shall apply to the Minimum Rent substituted space. Tenant agrees to vacate the Premises herein specified and Sales Breakpointto relocate to said substituted space promptly after the substituted space is ready for tenant occupancy as provided herein, and Tenant’s failure to do so shall constitute an event of default by Tenant under this Lease.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
RELOCATION OF PREMISES. A. In 2.6.1 At any time after the event Landlord shall add additional buildings to the Center or expand any first anniversary of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the PremisesCommencement Date, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, Tenant's operation at Tenant’s Landlord’s expense, the Premises to other premises (the “"New Premises”") in another part of the Center or building Hotel Complex (or, if mutually-agreed upon in each party's respective sole discretion, a location that is part of the MGM Resorts Group (as defined below)) in accordance with the following:
: (i) Landlord shall notify Tenant, at least one hundred ninety eighty (90180) days prior to the proposed relocation date, of Landlord’s 's intention to relocate Tenant’s 's operation to the New Premises;
; (ii) The the proposed relocation date (Tenant shall not be required to cease conducting business from the Premises for a period in excess of twenty (20) days and Minimum Monthly Rent and monthly Common Area Maintenance Charges shall be abated for any period Tenant is required to be closed due to the relocation under this Section) and the size, configuration and location of the New Premises shall be set forth in Landlord’s 's notice; and
(iii) The the New Premises shall be substantially the same identical in size and configuration as (not less than eighty-five percent (85%) of the square footage of the Premises) to the Premises; (iv) Landlord shall, at Landlord's cost, construct on the New Premises improvements comparable to those constructed on the Premises described and bear other direct costs in connection with relocating the Premises, including without limitation all costs of moving Tenant's furniture, fixtures and equipment and installation of telecommunications and data cabling and all costs of the relocation of Tenant's business, including that limitation modification of any signage, stationary or marketing materials; provided, however, that in the Leaseevent Landlord elects to relocate Tenant during the last two (2) years of the Initial Term, that Landlord shall only be obligated to pay the costs set forth in this subsection (iv) if Tenant has committed to extend the Term through the Extension Terms; (v) Landlord shall not relocate Tenant more than one time during the Term; (vi) there shall be no increase in Minimum Annual Rent, Tenant's Tax Obligation or Tenant's Common Area Maintenance Expense Obligation; (vii) if the area of the New Premises is less than the area of the Premises, Minimum Annual Rent shall be proportionately adjusted, (vii) Landlord shall pay Tenant the Lost Business Reimbursement during any period that Tenant is required to cease conducting business due to the relocation; and (ix) the New Premises shall have a configuration that is comparable to the Premises. Except as otherwise provided in the preceding sentence, all relocation and improvement costs shall be the sole responsibility of Tenant.
B. 2.6.2 In the event the New Premises described in Landlord’s 's relocation notice are unacceptable to TenantTenant in its sole discretion, or Tenant does not agree to extend the Term through the Extension Term in the even the relocation occurs during the last two (2) years of the Initial Term, Tenant shall have the right, as its sole and exclusive remedy, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s 's relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s 's notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term Term of this Lease.
C. . Notwithstanding anything hereinabove to the contrary, should Tenant timely notify Landlord of Tenant's election to terminate this Lease, Landlord shall have the right to rescind Landlord's relocation notice to Tenant, within thirty (30) days after receipt of Tenant's notice to terminate and Tenant's termination notice shall be of no force and effect. In the event Landlord requires the relocation of Tenant’s operation for this Lease terminates as provided in this Subsection 2.6.2 (and not pursuant to any other reasonsection in this Lease), then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify pay Tenant, as Tenant's sole and exclusive remedy subject to Tenant's compliance with the surrender provisions of this Lease, the unamortized out-of-pocket cost actually paid for by Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the for Tenant's initial leasehold improvements in the New Premisesand other capital improvements for which Landlord has given it prior written consent as reasonably substantiated by documentation, such amortization to be calculated in accordance with the plans Amortization Basis (Tenant shall provide to Landlord paid receipts of such costs and specifications approved by Landlord with respect to Tenant’s original work expenses for such leasehold improvements) the ("Termination Payment"). In the event this Lease terminates as set forth in the Premises; (d) Tenant shallthis Subsection 2.6.2, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint20.3.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
Appears in 1 contract
Samples: Lease Agreement (Allied Esports Entertainment, Inc.)
RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center of an expansion, renovation or expand any remerchandising of the buildings currently contained therein or renovate or reconfigure any part of the Shopping Center in the vicinity of the Premises, Landlord shall have the rightmay elect, subject by giving notice of such election to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part surrender possession of all or such portion of the Center or building Premises and for such period of time (including the remainder of the Term) as Landlord, in accordance with its sole discretion, shall deem to be required for such purposes. Such election shall be exercised not more than once during the following:
Term, except that if any such notice of election shall be withdrawn by Landlord, the same shall be deemed not to have been given. Landlord's notice of the exercise of such election shall designate (i) Landlord shall notify Tenantthe portion of the Premises required for such purposes, at least one hundred ninety (90) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location period of the New Premises time during which such surrender shall be set forth in Landlord’s notice; and
required, and (iii) The New Premises the date by which possession of same shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to surrendered by Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation which date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less be earlier than ninety (90) days prior after the date on which such notice is given. If Tenant shall be required to surrender possession of all or a portion of the Premises for a period of time which is less than the remainder of the Term, Rental shall xxxxx as to such portion or all of the Premises required to be surrendered, such abatement to be effective beginning as of the date Tenant is required to surrender such possession and continuing until the date on which Landlord redelivers possession to Tenant. For purposes of determining the extent of such abatement of Rental, Tenant's Floor Area hereunder shall be deemed to be reduced during the abatement period by the number of square feet contained in the portion of the Premises of which possession is required to be surrendered. If Tenant shall be required to surrender possession of a portion of the Premises for the entire remainder of the Term. this Lease shall terminate as to such portion as of the date on which Tenant is required to surrender possession thereof to Landlord and all Rental shall be proportionately reduced. For purposes of determining the extent of such reduction of Rental, Tenant's Floor Area hereunder shall be deemed to be reduced as of the date of such termination by the number of square feet contained in the portion of the Premises of which possession is required to be surrendered. If Tenant shall be required to surrender possession of a portion of the Premises; , Landlord shall (ca) Landlord shallprovide any permanent or temporary barriers required by the nature of Landlord's use of such portion, at Landlord’s cost and expense, complete the leasehold improvements which barriers shall be constructed in the New Premises, in accordance such a manner so as to not materially interfere with the plans and specifications approved by Landlord with respect to Tenant’s original work 's business operations in the Premises; and (db) make such alterations as may be necessary in order to restore the remainder of the Premises to useful condition. If Tenant shall, within fifteen (15) days after shall be required to surrender possession of a portion of the New Premises has been tendered to Tenantand the remainder of the Premises shall be rendered unsuitable for the Permitted Use, open for business in the New Premises; and (e) or if Tenant shall be required to surrender possession of the Premises entire Premises, Landlord shall have the further right and option to Landlord in accordance with the provisions of Section 9.3 cause Tenant to relocate its business, within fifteen ninety (1590) days after possession of notice to do so, to another location within the New Premises has been tendered Shopping Center Area, comparable in size and location to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent mutually agreed upon by Landlord and Sales Breakpoint Tenant. Within sixty (60) days after any such notice shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5given, the parties hereto Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting which shall substitute a description of the premises to which Tenant is to be relocated for the description of the Premises contained herein and shall modify Tenant's Floor Area accordingly; otherwise all of the terms and conditions of this Lease shall be applicable to Tenant's occupancy of the new premises. If Landlord and Tenant cannot agree on a new location within such sixty (60) days after notice of the exercise by Landlord of its relocation option described in the preceding paragraph, then Landlord may elect to withdraw its notice requiring Tenant to relocate its business, in which event Tenant shall remain in possession of the Premises and this Lease shall remain in full force and effect. If Landlord shall not elect to withdraw its notice requiring Tenant andto relocate its business, if applicablethe Term shall terminate on the ninetieth (90th) day after such notice, any adjustment in which event Landlord agrees to pay to Tenant, provided Tenant is not in default under this Lease, and provided Tenant shall have furnished Landlord with the statement referred to in the last sentence of this paragraph, an amount equivalent to the Minimum Rent unamortized value of Tenant's leasehold improvements which were installed in the Premises at Tenant's sole cost and Sales Breakpoint.
E. expense. Said amortization shall be determined on the straight-line depreciation method allowed by the Internal Revenue Code of 1986 (as amended) assuming a depreciation period commencing with the placement in service of such leasehold improvements and ending on the date of expiration of the Term determined pursuant to Section 3.1. Payment of the amount equivalent to the unamortized value of Tenant's leasehold improvements will be made to Tenant within thirty (30) days after Tenant shall have vacated the Premises in accordance with the terms of this Lease, provided that Landlord has made no representation shall have the right to deduct therefrom any amounts due Landlord from Tenant pursuant to this Lease. For purposes of this Section, "Tenant's leasehold improvements" shall include partitioning, electrical wiring, plumbing (other than plumbing fixtures), painting, wallpaper, storefront and other permanent improvements installed, affixed or attached in or to the Premises, but shall not include (x) Tenant's inventory or stock in trade, (y) such trade fixtures, electrical fixtures, equipment or apparatus as are removable by Tenant at the expiration of the Term pursuant to Article VII, or (z) Landlord's fixtures or other improvements installed by or at the expense of Landlord. In order for Tenant to be entitled to payment of the unamortized value of its leasehold improvements as set forth in this paragraph, Tenant shall, within sixty (60) days after commencement of the Term. furnish to Landlord a statement, signed by an independent certified public accountant, setting out in detail the cost of Tenant's leasehold improvements. If this Lease shall be terminated as to any additional improvements portion or stores all of the Premises pursuant to this Section, the rights and obligations of the parties hereunder shall cease as of the date specified herein and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination. No further documentation shall be required to effect the termination of this Lease, but each party agrees that, upon the written request of the other party to do so, it shall execute, acknowledge and deliver an appropriate instrument evidencing such termination prepared by or any existing stores in at the Center and this provision does not create any rights expense of option, first refusal or otherwise with respect to any present or future space in the Centerparty requesting the same.
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RELOCATION OF PREMISES. A. In the event Landlord shall add additional buildings to the Center or expand any of the buildings currently contained therein or renovate or reconfigure any part of the Center in the vicinity of the Premises, Landlord shall have the right, subject to Landlord’s and Tenant’s right of termination as set forth in subparagraph (B), to require Tenant to relocate its operation, at Tenant’s Landlord’s expense, to other premises (the “New Premises”) in another part of the Center or building in accordance with the following:
(i) Landlord shall notify Tenant, at least one hundred ninety fifty (90150) days prior to the proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to the New Premises;
(ii) The proposed relocation date and the size, configuration and location of the New Premises shall be set forth in Landlord’s notice; and
(iii) The New Premises shall be substantially the same in size and configuration as the Premises described in the Lease.
B. In the event the New Premises described in Landlord’s relocation notice are unacceptable to Tenant, Tenant shall have the right, exercisable by written notice to Landlord, given thirty (30) days following receipt of Landlord’s relocation notice, to terminate this Lease, such termination to be effective as of the proposed relocation date as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be deemed a waiver with respect thereto and confirmation that the New Premises are acceptable to Tenant. In addition, if Tenant fails to exercise such right of termination by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice or to accept the New Premises in writing by written notice to Landlord given within thirty (30) days following receipt of Landlord’s relocation notice, then Landlord shall have the right, at any time thereafter, to terminate this Lease effective the later of (a) thirty (30) days following Tenant’s receipt of Landlord’s notice of termination or (b) the proposed relocation date as set forth in Landlord’s relocation notice. Tenant shall have the right to accept the New Premises only for the unexpired term of this Lease.
C. In the event Landlord requires the relocation of Tenant’s operation for any other reason, then Landlord reserves the right at any time during the Lease Term hereof to require Tenant to relocate to the New Premises upon the following terms and conditions: (a) the New Premises shall contain a Store Floor Area which shall not vary more than ten percent (10%) from the Store Floor Area contained in the Premises; (b) Landlord shall notify Tenant not less than ninety (90) days prior to the date Tenant is required to surrender possession of the Premises; (c) Landlord shall, at Landlord’s cost and expense, complete the leasehold improvements in the New Premises, in accordance with the plans and specifications approved by Landlord with respect to Tenant’s original work in the Premises; (d) Tenant shall, within fifteen (15) days after possession of the New Premises has been tendered to Tenant, open for business in the New Premises; and (e) Tenant shall surrender possession of the Premises to Landlord in accordance with the provisions of Section 9.3 within fifteen (15) days after possession of the New Premises has been tendered to Tenant.
D. The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted. Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.
E. Landlord has made no representation as to any additional improvements or stores or any existing stores in the Center and this provision does not create any rights of option, first refusal or otherwise with respect to any present or future space in the Center.
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Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
